Apple and Google team up for Kodak’s patents

Robin Humphrey —  Wednesday, December 12, 2012

Kodak Headquarters
Rochester, NY

 

Apple and Google, have joined up to make a combined bid for a bundle of patents offered by  Kodak.

Bloomberg News is reporting  Apple  and Google  have abandoned competing bids for the portfolio in order  to offer a combined $500 million. The sum is the minimum Kodak can sell the patents for and still get an $830 million loan that’s crucial to getting the company out of bankruptcy.

Kodak filed for Chapter 11 bankruptcy protection in January after struggling to adapt to the world of digital photography.